Gemini's Europe CEO, Mark Jennings, has called for a revision of the European Union's Markets in Crypto-Assets regulation (MiCA) to address existing regulatory gaps and support innovation. Despite MiCA's role as a pioneering comprehensive crypto rulebook, Jennings highlights issues such as unclear guidelines and burdensome requirements that could hinder innovation. He suggests that a "MiCA 2.0" should incorporate industry feedback, clarify supervisory structures, and streamline cross-border rules to maintain competitiveness. Jennings emphasizes the need for clear regulations on stablecoins, which are crucial for future payment infrastructures. Current ambiguities have led to regulatory challenges and liquidity fragmentation. He advocates for clearer definitions on stablecoin issuance, redemption responsibilities, and reserve standards to ensure a robust framework. Jennings argues that MiCA 2.0 should deliver consistent, proportionate regulations across EU member states to preserve Europe's regulatory leadership in the crypto space.